Recently I had the pleasure of helping a couple in California obtain a reverse mortgage. Living in a home valued at 3.6 million, one has to wonder why would they need a reverse mortgage. Actually, their financial adviser made the recommendation.

Their financial adviser wanted to ensure that this couple had the additional financial resources to perhaps pay for home care, gifts to their children and for investing. Actually, the ability to provide gifts to their children was the main focus. Since it’s very expensive to live in California, they saw no strategy in leaving their home to the heirs. They preferred their children to reap the benefit of these monies sooner rather than later. With a reverse mortgage, they could leave their other investments intact. After the adviser’s due diligence, Wells Fargo and I were chosen to provide this loan.

Yet another example of how a reverse mortgage fits the bill even when one’s financial portfolio is significant. This was a wonderful validation from this financial planner that a reverse mortgage can be another valuable tool as an investment option.

>> Another success story concerning reverse mortgages in Denver

Did you know that there are various loan limits for reverse mortgages?

The HECM loan is an FHA loan and is limited to FHA lending limits per county. For example, Douglas County in Colorado caps their lending limit at $308,370.00. A Fannie Mae loan limits their loans to $417,000.00. The “jumbo” product limit is $10,000,000.00.

You are not limited to just the government loans. Please contact me for more information on a reverse mortgage, and we can determine loan limits based on your particular situation.

Reverse Mortgage Consultant - Denver, CO
Phone: 720.641.3482